Avanti Financial Group announced on Thursday it secured $37 million through its Series A funding round. The company has notably raised a total of $44 million since its inception and the latest investment round comes less than six months after Caitlin Long, the Founder and CEO of Avanti Financial Group, confirmed that Avanti became an official bank.
Founded in 2020, Avanti is a Wyoming bank formed to serve as a compliant bridge to the U.S. dollar payments system and a custodian of digital assets that can meet the strictest level of institutional custody standards.
“Avanti is required to fully comply with all applicable laws and regulations, including the Bank Secrecy Act and federal ‘know your customer,’ anti-money laundering and related laws and regulations. Avanti will also comply with Wyoming’s special purpose depository institution and digital asset laws, which include requirements that fiat deposits be 100% reserved and that Avanti meet the strictest consumer protections in the digital asset industry.”
Speaking about the investment round, Long stated:
“Our roadmap includes offering API-based U.S. dollar payment services for wires, ACH and SWIFT; issuance of our tokenized, programmable U.S. dollar called Avit™*; and custody and on-/off-ramp services for bitcoin and other digital assets. We have received more than 2,500 inbound customer inquiries since announcing receipt of our bank charter in October 2020, and we look forward to being able to service customers later this year. We expect to provide more details about our launch soon.”
Avanti added that the Series A funds will be used to fund its equity regulatory capital needed for launching its digital asset bank.